AA Life Insurance

AA Life Insurance. Fact! If you don't compare them against the market now it could cost you £1000's. Compare the whole life insurance market.

AA Life Insurance

The AA stands for Automobile Association and is most famous for offering its breakdown service, but now offers a wide variety of services and products.

They offer level term life insurance, mortgage protection life insurance and critical illness cover all at competitive prices. Level term cover is the most popular cover as it is affordable and is flexible enough to tailor it to your needs. You can choose the amount of cover and the number of years that you want the policy to run.

They offer services to their customers like driving lessons services, breakdown cover services, loans services along with the car insurance, home insurance, travel insurance, van insurance, motorcycle insurance, classic car insurance, pets insurance, insurance for businesses, legal advice services, caravan insurance and many other types of financial services.

The company is owned by its staff along with the 3 private equity firms. The parent company is Acromas Holdings Limited which is the company created to hold the merged Saga Group and The AA, which is valued as one of the 20th largest companies in the UK.

History

The company was founded in 1905, shortly after the 1903 Motor Car Act which introduced new penalties for drivers such as reckeless driving or speeding and made having a licence required. A number of enthusiasts got together to create the Automobile Association which helped motorists avoid the police speed traps.

The company is still headquartered in Basingstoke and has thousands of customers using its breakdown and recovery service and other motoring services.

Types of life cover

There are 3 types of life insurance plans offered: their level term life insurance plan, their mortgage protection life insurance plan and critical illness cover.

The Level term life insurance plan is the most popular plan that the company offers as it would satisfy the needs of most families. If the policyholder dies during the term of the level term life insurance policy then it will pay out a cash lump sum payment that can be spent as the family wish. The policyholder can choose the length of the policy and the amount that it pays out. If you have financial dependents and are the breadwinner you should consider such insurance, not only do you have the peace of mind but you know that your family will be looked after if the worst does happen.

The Mortgage protection life insurance cover plan is a plan which would let your mortgage payments to be met by the company if you die during the term of the policy. This is the ideal plan in case you are not around to meet your payments, and usually a mortgage is a family’s biggest debt. If the unthinkable did happen your family would be able to cope financially and could remain in the family home. The amount that the policy pays out will reduce over the term of the policy so it will be cheaper than level term life insurance.

Critical illness cover will pay out a lump sum cash payment if you are diagnosed with a pre-agreed critical illness during the term of the critical illness policy. Whilst the policy does not have a cash value at any time, it will allow you to cope financially during what would be a difficult time where you and your family may have to adapt to very different circumstances.

Review

They are a highly regarded company with a large number of members. You can read their reviews online which are good on the whole. If you have ever experienced their life insurance please take the time to post your reviews on the review centre site so that you can help future customers.